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WGU PRACTICE QUESTIONS C252 CHAPTER 3/19 QUESTIONS AND ANSWERS (A+)
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WGU PRACTICE QUESTIONS C252 CHAPTER 3/19 QUESTIONS AND ANSWERS (A+)
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WGU PRACTICEQUESTIONS C252
CHAPTER 3/19
QUESTIONS AND
ANSWERS (A+)
1. Which of the following is not a characteristic of
the General Fund?
a. Is used to account for all financial resources
that are not required to be accounted for in
another fund.
b. Is used by all governments that report
governmental fund activities.
c. May require combining statement at year-end
when a government has more than one General
Fund.
d. Is established at inception of a government and
exists throughout its life. - √ Answer>c. May
require combining statement at year-end when a
government has more than one General Fund.
-2. Employees of the City of Calderwood are paid
from the General Fund. These employees are paid
for amounts earned over a two-week period. The
amount due to the employees is disbursed one
week
, later. The last payroll period in December ended
December 27, 20X2. The fiscal year ended
December 31, 20X2. The employees were paid
January 3, 20X3. The salaries earned should be
reported as expenditures
a. In the current year in all cases.
b. In the current year if paid within the first 60 days
of the next year.
c. In the next year in all cases.
d. In either the current year or in the next year
depending upon the government's policy. The
policy must be applied consistently. - √ Answer>a.
In the current year in all cases.
-3. The city of Brittainville's Special Revenue Fund
levied $350,000 in taxes, of which 1% was
expected
to be uncollectible during the current year. Also,
during the year, the fund collected $7,500 of
interest
revenue and $50,000 was transferred from the
General Fund. As a result of these transactions
fund
balance will increase by
a. $407,500.
b. $404,000.
c. $357,500.
d. $354,000. - √ Answer>b. $404,000.
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